The Home Affordable Modification Program Can Bail You Out

As of the first of June of 2012, HAMP (Home affordable modification program) was amended to include previously ineligible homeowners, and it saved my home.  It wasn’t that I faced a huge life catastrophe, I was just young, and over estimated my ability to pay a high home mortgage.  That nearly cost me my home. 

·         What is HAMP

·         What are the Benefits of HAMP

·         Recent changes in HAMP that can help you

What is HAMP

Hamp is the Home Affordable Modification Program introduced by the Obama administration, to help eligible home owners lower their mortgage payments to no more than 31% of their gross monthly income with a home loan modification.  Initially, the adjustments are instituted in a trial period, but if the home owner makes three payments on time, the modification becomes permanent.

What are the Benefits of HAMP

Hamp is beneficial to both lenders and homeowners.

For lenders:

1.       The loan does not go into default

2.       Government subsidized funding providing incentives for participation

3.       Saves resale and foreclosure expense

For Homeowners:

1.       Lower payments

2.       An opportunity to avoid foreclosure

3.       Potential reduction of interest rates, principal, and even late fee restructuring

  Recent changes in HAMP that can help you

Recent changes relaxed some of the requirements for acceptance into HAMP to allow more homeowners to benefit from it. 

1.        Homeowners may be accepted now even if the home is a rental or is intended to be a rental

2.       Homeowners whose monthly payments are not more than 31% of their gross monthly income

3.       Homeowners who defaulted on trial payments on HAMP in the past.

4.       Homeowners who defaulted on previous HAMP home modification

Though not every loan modification company participates in HAMP, there are huge benefits to both lenders and homeowners who choose to participate.  Because of these recent changes, it is easier than ever to take advantage of HAMP. If you’re facing foreclosure, you need to act now.  It’s simple to get started.  Fill out the forms provided for you here at Credit-yogi.  A legal representative will contact you, and you can learn how much participation in the program could save you.  There’s no obligation, nothing to lose, and being able to keep your home to gain.

How A Home Affordability Modification Program (HAMP) Can Help You

I was living the American dream, with a nice little house, two cars, one child and another on the way, when disaster struck. I was suddenly unemployed, couldn’t afford even the COBRA payments to keep my medical insurance, and my house payments were late enough for me to be worrying about foreclosure.   My husband still had his job, but with me having trouble finding a job this late in my pregnancy, we were just stretched too thin.  Then, someone told me about Credit-yogi.com , and it changed my life.

I got online, and checked out the website, and began to see light at the end of the tunnel.  Here are some things I found out that could help you too:

·         Who Qualifies for HAMP Loan Modification Program

·         How are Loan Modification Services Different from Loan Refinancing

·         How A Home Affordability Modification Program (HAMP) Can Help You

Who Qualifies for HAMP Loan Modification Program?

Due to recent revisions in the HAMP program criteria for acceptance, it is easier than ever before to be accepted into the program.  Even people who were disqualified after acceptance or during the trial period can now qualify to participate.  So, if you were turned down before, or even if you were accepted and defaulted on your loan modification in the past, your chances for acceptance are greatly increased.

How are Loan Modification Services Different from Loan Refinancing

A loan refinance is a completely new loan that pays off your initial mortgage and allows you to refinance with either a different lender or with the same lender with better terms.  A loan modification implements changes in your existing mortgage to allow you to avoid foreclosure and/or have a change in terms and rates to lower your monthly payments.

How a Home Affordability Modification Program (HAMP) Can Help You

A government home affordable modification program can not only help you keep foreclosure from damaging your credit rating, by lowering interest and even principle and extending terms, it can allow you to modify your existing mortgage, so that your monthly payment is no more than 31% of your gross monthly income.  This can reduce your payments to a level you can afford and keep you in the home you love.  Even a HUD loan, modification assistance is a possibility to change the terms of your existing mortgage and give you payments you can live with. 

There really is no reason to wait any longer.  There is no obligation when you fill out the forms provided here, and a representative can help you determine whether you qualify and how much a modification program could save you every month.  Act now to get the information you need